Within his recently unveiled personal account, named Ithaki, the ex- prime minister Tsipras does not hold back as he revisits the turbulent period of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, Tsipras selected that unorthodox economist Yanis Varoufakis to be his treasury head largely due to his international reputation and his highly compelling abilities when it came to speaker.
“He was, actually, more of a personality rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader alleges how Varoufakis had his own agenda that included advancing Varoufakis's books as well as experimenting with his theories on Greece rather than genuinely advocating the country's financial survival.
He explained that those negotiations to stave off bankruptcy became “not only a way to secure a better deal for the country. They were a test, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense discussions, the country came dangerously close to exiting the eurozone.
On the line lay both the country's future but also those severe austerity measures demanded in return for rescue loans by foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, such as an urgent plea to Russia to buy Greek bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those harsh bailout terms were subjected to a popular referendum, a move that plunged the EU into deeper existential crisis.
Although the referendum was carried resoundingly by voters against the cuts, the prime minister had little option but to ignore the result and agree to a rescue deal from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis quite early on.
“He was the face of negotiation, the man who attracted publicity, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency and issuing coupons to pensioners, the leader said he realised it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, the author concludes that his former ally had proved himself “unsuitable for a deal that required complex and delicate handling.”
He also claimed how his confrontational style made him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
